« Commentary Magazine Podcast

It’s All in the GameStop

2021-01-28 | 🔗
The COMMENTARY Podcast is not the place you want to turn for stock market tips but we do have something to say about the political and cultural meaning of the extraordinary events surrounding the Gamestop stock and the runup in its value. And we wonder at the Biden administration's foot-in-mouth disease when it comes to job-destroying executive orders. Give a listen.
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Welcome to the Commentary Magazine Daily podcast today is Thursday January twenty twenty twenty one, I'm John Paul words. The editor of commentary I want to thank all of you who heard me yesterday and went on to Itunes and left us
awesome, wonderful reviews, please, if you didn't do it yesterday, please do it today. It really helps us not only that not only helps us feel good, even though there are some that say. I talk too much and that's kind of see if you're hurting my feelings but fine. I talk too much, but if you will happily do that, you can help us improve our position in the Itunes store, get more people to subscribe. give you bragging rights and having been here first. I also want to tell her you buddy, that we are working on the march that I talked about earlier in the week, and we should have a store opening up on our website where we're gonna be selling some t shirt. Sweatshirts, masks ones is Bibbs with with some of your favorite common training, agonizing podcast phrases, but please God I tunes, leave us of ice.
My view, and I hope I therefore satisfied the implications of as always associate uttered no Rossman. I know I just Senora, Christine Rosen high Christine John and executive editor agreement hide her job. Ok, as we begin talking about we're we're about to talk about, I want to. I want to make very clear that none of us has ever been a nickel in the stock market, as far as I can tell maybe knows, may the nickel in the stock market, but we have made- and I actually my wife had need train account, she had a little bit of money in it and in two thousand and one I told her to by apple and that stock has in fact gone up, eight hundred and ninety two thousand percent and of course it had a tiny bit of money in it. So we ve done really well, but it's the class. So that's my only stock market story. So I
say: bye Apple in two thousand and one that's that's it. But otherwise you don't want to listen to me about the market. You don't want to listen to any of us about the market. We are going to give no and fried no market advice here. We don't know what we're talkin about in that route, but we do, I think, understand some of the changes in american culture. So we wanted to talk about this phenomenon of the Gamestop stock run up and what it says about american society and the behavior of the intersection of the elites in ordinary people and and and all of that, because
is a very pregnant moment for in the divided culture between you know what leads an ordinary people and social media and everybody else, and the behavior of the top zero point, one percent, and how that affect other people. This appears to be some kind of a signature moment that will probably pass pretty quickly, given that clearly the the the managers of the market, not that the market is was to have managers, but the manager the mark and have our are now putting their there. Their collective foot down and
our serve ending this unilaterally by ending trading in game, stop an end of forcing everybody who was mine. The stock on this desire, O Commission website Robin Hood to either get out of their positions. Orb sell their positions, but they can't binding more stock in game stop, and so basically they come in and are quashing this populist revolt against the market, but that doesn't mean that this has an open up a whole question about whether or not the market can be played in away by mass numbers of people that is going to have a an inch sting effect on how our economy works. So that's the best summary I can give, because I don't know what I'm talking about and I'm you just going to keep saying. I don't know what I'm talking about. So no one can say: look you don't know
you're talking about. I acknowledge, I don't know what I'm talking and yet you're still listening, Noah, please, okay, so idle know anything about investing either, Having said that, I spent the better part of my day yesterday, diving into this thing, it's a fascinating phenomena. I am reasonably persuaded by the financial journalists that I've read that this is not a unique phenomenon. What happened here- is not new there's not a lot. The regulators can do about it. There is very little they should do about it, and the reaction that we ve from online forums and from the trading the institutions that
has been very heavy handed is an overreaction. I'm persuaded by that. I am also persuaded by the arguments for what they did because of how a nerve in the psychology that were witnessing here is so if you dived down into and it doesnt did not really down, because this is a very big movement here and it's not hard to find evidence of this on social media platforms. Read it on Twitter on Tiktok young people whose investment in this play here is not about money they're not day. Traders then had interested in our ally. There are alive, is chaos Why meaning return on investment? I'm saying that, because I don't know anything about the stock market and I'm going to assume that other patent life. You know nothing about your flock Margaret, so you can't use with hands.
Terminology like our or why they return on investment, and you hear generating is a is that their meeting our pain is that their inflicting pain on people? think deserve to suffer, and the reaction that this has generated from the financial community only further validates and justifies a sense of persecution that animates this sentence. Ok, I believe you will be aware that there is someone my way on whom are they inflicting pain? What stated its hedge fund managers its money managers? people in the financial industry as these corporations that are designed to
when function observer, serve a very valuable purpose and market economy which serve to sus out weak companies, companies that have assets that are under leverage and to find those companies and and basically force them out of business. Now that sounds kind of harsh, it's basically the argument that was made against Miss Browning and twenty twelve that the liquidation of these companies hurts people put people at a business, destroys, destroys things it breaks things and for no bring her purpose than to accumulate capital. That's a very populist impulse. It's also extraordinarily shallow and I'm not unknown, reflects a lack of knowledge about how the market economy functions. Detritus, feeders, carrion figures are a very important part of every ecosystem, and that's what we're talking about here.
but of course, I firmly populist and hold on hold on, because I don't know what I'm talking about. I just want to make this clear when we know or Turkmen so it's basically one hedge fund, Right to health challenges that have wish mender name, it's Melvin Capital like militarily here on Monday, twenty two hundred Maynard's, so they bought up. They bought up again, stop and and and apparently well what they. What that met was right the day they they have options, should they were short selling and the idea was if you ran up the price. The these shorts. cuz we're going to end up holding the bag because they had agreed to buy the stock at a price that you know it was no longer holding, and so they either had to they
there either go out of business or they had to make good the had to buy the stock at this at the strike price and then swallow it once the stock collapsed, and so by running up the price and forcing this choice. This hedge one another's had to then exercise their options and buys, which then had the perverse effect of continuing the price rise since the stock was being purchased. But you know, if you want systematically to sort of like make a make up, play against get out these horrible short sellers and hedge funds, and all of this going after one hedge fund. That made one play against one company that seems to be of interest to people on read it in places like that, because they bought there. You know they bought their game cartridges there five years ago, before they disorder
on Amazon. You know that doesn't really strike a huge blow. It is like the what I in the nineteenth century, destroying one loom. It's like congratulations, you destroyed alone. There are still twenty five thousand looms out there in our. You did nothing but destroy something to make a point, but you're not actually having any any any serious effect right. That would be the argument again. This you know symbolic strike at the evil of short selling and though, and them and the vulture capitalism at all that right but Abe you see something much more alarming and pernicious here yet so I do think it does strike a blow against the stock market itself and that whatever sense of security, there was
to it, it's really it's another expression of the undermining of institutions, of the distrust of institutions and of of of large groups. Finding weaknesses in these institutions exploiting them exposing them and through showing its not just did the destruction that no it describes. It's also this way observe resting some power and and mattering and and and having an effect on these on these systems and and large institutions. You know it's kind of like this. This whole thing is sort of like the dark side of flash mobs which which started to happen, honourable ten or so years ago, where where you could organise with strangers, say: cities to have these beings surreal spontaneous for production perform
this is in Malden subways and wherever else there is a very there's, an unprecedented, I think billowy to organise in mobs for all sorts of things these days, and that, I think, is what makes this feel whether or not it is a big blow against vulture capitalist or not. That's what makes this field dangerous and threatening and and serious, but this is actually the first, Bob is a perfect way of thinking about all the unforeseen dangers that allow the people who used to boast about the power of the wonderful positive. Our social media and the internet use to set. These are the people who love Fatima them and now they're. Seeing what you know. The more conservative minded people who have always been suspicious of the crowd and the excesses of democracy were saying long before this
A good example, as I was thinking of just a week ago, when Antiphon in the Pacific Northwest was out on the street again and had a banner that one of the things that set as we our ungovernable, but this was the idea like you. and not govern us, and there are enough that does it there's enough? who can gather around that slogan? As you say, strangers can come together and suddenly there all ungovernable together. So it's not just some random guy in a basement. Lots of people all over the world in this case and in the country- and I will they that its lead to this. We are in this weird moment of trying to understand what social media these other technologies have done to our institutions, because you can see it in the I was far had Mangi, whose I kind of hate read him about technology, because it is terrible that he has a common in your time said. It said it was saying you know it's really great another from his off twitter and I was suspicious about bans. But now I'm kind of embracing them cause it's just so much better, but the things he said that struck me as the
It was never what twitter we're supposed to be. What trunk do with truth was never what that is. The platform was meant to be, on the contrary that he was the logical conclusion of this platform, and I think we are seeing that in a broader social sense. It encourages this kind of populist response. I'll tell you: what does I have such official reaction to this since it is kind of an assault on the first principle here. In so far as I don't care about Robin Hood trading round This is such a minor part of the market that it's not going to have a profound effect on the market. Stability I mean that's, there's a real over reaction to this sort of thing that psychology at work here is so profoundly anti conservative. In so far as it is an assault on an institution just to see what happens just a break it and everything is fragile. Everything can be destroyed
and it doesn't take many people to do it, I mean if we haven't figured that out over the last month. I don't know what kind of lessons we should draw from from events and to see all these people invested in destruction for its own sake willing. To put put money on the table just to see it happen is really disturbing. Well, you know the funny part about this is that the the fury of you know, people who are worshippers at the altar of the free market is that there are no rules that a free market actually hasn't that that something like this, you you, you can't step out and say: oh, this is terrible because the market permitted it. It happened and therefore it exposed
A mechanism that has yet has not been used before, which is essentially like the generation of a flash mob as a as a counter principle against a short cell against, were what they call them there some term my camera. Well, I'm sorry baby, like our rushed to short salad, and there is a kind of counter movement, so this has happened and okay. So that's how markets work. Somebody finds a new instrument. You know that's what debts,
new instruments are how people make new kinds of fortunes of everybody. Thought of doing that and day with would ever body would do it right? That's that the question is where we go from here, not this kind of one off a flash mob that that that that that that screws around in a hedge funds short position in game stop- and this is where it gets interesting me as the question is: will people who now know that this can be done, harness it by a sort of Connaught S, convincing people to make one of these plays just to see the world burn while they have set themselves up to take advantage of the world burning and then set the mob on something
and this is now a new technique in a funny way. That's what hedging itself is or what short selling is. It is the. It is the understanding that we companies, as well as strong companies, up companies that are making less and less of a profit, as opposed to come Islamic, more more profit that put themselves on the open market that cranium went into it, accepting and raised money that way that their weak positions are our fodder for money making, just as their strong positions but there's yeah everything a weird way. They did. The fact that this was done by human beings should be there, there's one sense in which its mildly reassuring and another in which is a little. It's even more alarming said member the flash crash and in two thousand ten rotor algorithmic manipulation of the markets. That word there were being used by traders led to
like kind of disaster is half an hour where everything when haywire that did what what it was, was a signal to those in charge that there were certain new bread. That needed to be imposed on the way training happen, and they that in an that problem was largely resolved, but that was a that was in a sense. Kind of a mechanic Aubrey sounded this is a human nature, PA home, so it's gonna be rights solve, but it is an interesting. I just was thinking back to their return. By far having said that there are a lot of weird things that happen in these markets, but that the ability to direct to directed and, as you say, John with potentially nefarious motives- that's that's more disturbing in some ways. So then you have this. You have Robin Hood this, they rode commission training platform announcing that no one is allowed to trading game, stop anymore, and what I saw this morning in social media and elsewhere was a kind of outrage that was being expressed that Robin Hood had in our work,
doing this, it's like what really, while no one ever stop such funds from doing what they their protected. why? Why are we allowed to do this and its this kind of bizarre american? The protectionism, which is that which I did before people realise that it might be really dangerous. How dare anybody say that I can't do it and in fact markets regulate markets then can regulate themselves. Robin hood is not. It is not a you know. It's not the First Amendment Robin Hood to private platform. It can say: will you can't trade in this stock anymore? No one's? You know, you know you don't have the right to trade on Robin Hood and Bud Robin Hood can't long exist. If, if
I don't know how it works or how anyone makes money from it or whatever, but it can only exist if the idea is that every trade is conditional on Robin Hood deciding you know what this went too far, because then you can't use it. It's not gonna, be something that is going to provide you with any degree of safety. I was struck by the fact thinking this through that of markets have gatekeepers for reason. We don't It's not that total, libertarian less a fair market, no one on on my on exchanges, where actual stena before this or the creation of the electronic stock market. If you will, and to trade a share of stock. You had to go through in the committee airy brokers. Stockbrokers were licensed people who had the right to go down on the floor of the stock exchange.
aims and sell a share of stock. You couldn't do it yourself, you didn't have that power and then you know made perfect sense. Why did these people? Why were these the gatekeepers? and you know, maybe people are playing games where they let their clients, by their bigger clients, by stock before everybody else, and take advantage of a five minute gap to make more money than you can make Charles Schwab a word, the commission's to very low enough people start them have in this war. Lowering stock market stock sale commissions till we now have Robin Hood charging nothing and an end, but that those the theory of the stock market broker the stockbroker was there had to be somebody between the mob and the market, because otherwise it would be chaos. You have to organise it so that there were these people.
Who could make these trade on behalf of other people, because otherwise it would just be ten thousand people screaming their lungs out at each other, and no there could be no order, and what we're seeing here is the consequence of a breakdown of that now. Maybe it's fair that the system broke down because, as I say, because why were these people getting these commissions in the first place why you know who were they? Why will you know just as they got a licence from from the state? They were then allowed to serve, take five cents off every dollar that you traded? I don't know This works, as I say, I'm just saying that it's an interesting things, the gatekeepers drop and that's very demur criticising and it seems empowering and then, of course, there are trade offs when there
are no gates and there are no gatekeepers. When somebody says hey, we can just storm this storm this place. You concerned the place when you remove guards at subway stations in New York, say when you move like people in boxes, watching a watching people at then turn styles. Anyone can jump the turns I mean that you know so. If, if, if, if you live in a world in which suddenly everybody is jumping turnstile, then you ve got a problem of turnstile jumping because I too yeah go that's the thing I mean the gates of our coming down at the very time that it's the ability to facilitate a mob to two to pull together. A mob has never been this easy. This effort was- and this and this democratized, right, I mean, above all, I think we have shown that sort of that others are. You know it's like there's also these videos it just when you would just reminded me of when you talk about the use of the term
as you did you ever see like when these like take a bunch of kids, decide all at once to go into a store just looted and destroy no realm everything and take whatever they can't it's it's it's like that, but its sub there's some adults involved now right. Well, so it's an interesting point, because if we have this kind of the world of the of the alternate reality is right, the trump that the Trump voter who thinks that Trump One and by neither stall the alert, John or believed up until twelve p m on January twentieth Trump was gonna remain president. I am really understood how they knew that
but there were apparently millions upon millions of Americans who believed that Trump would remain. President. Despite the constitution, saying that the presidency would change after the certification of the electors that you know, you have this situation, which people can r r r now empowered to believe anything that they want to believe, because the information is by specially pushed right to their faces. Not did they not think they didn't want to believe in previous times, but but this sad, the capacity to to believe in the ultimate reality is made much easier by social media. That is the revolution that were living well end. Its we talk a lot on this path cast about the ways in which we are likely to see the Democratic Party in the lead, in general, continue to use trump as as a counterpoint. Something they can continue to argue against, because it was very factor for them to do that for four years. But there's
the thing on the right that I've been seeing. You know my my trunk, your friends who send me their favorite means that that this shit in turn is now you I got when the other day that showed Trump in black and white like looking earnestly in them and the picture. I read it the viewer and it says you know it you think today you think they were coming after me. that's only because I was standing in their way there really coming after you. There is a sense on the right that, like you, could easily see Trump he's no longer the figure and party leader that he did some people to be, but this idea of of how they feel how his voters felt that was that feeling existed before Trump, and it will continue to be nurtured. After Trump largely online, like you who do feel like the system is out to get them, and it is a strange mirror image of the progressive left. The thanks of the system, racist. Without you get them, I mean it's a strange. It's a real funhouse mere effect. I think in the horse. You theory and others that we talk about, but we should
The ECB should concern us that idea that you know, because we all have to gather together in these democratic. You know hyper democratic forms, because the system itself doesn't work for us words also good. The system to the system was put under stress and it turns out, as I think no was looting soon, as Abe says about you know. If, if, if twenty five people decide to go into a store where there are five employees M M M M wreck the place, they can do it, they could always do it. They can boys do it in the future that it doesn't happen constantly is the result of millennia, of symbols of civilization. You know millennia, of training and and when
training breaks down, as it did in the summer, for example, as it does at times of of rioting and stress him, and all that blackouts things like that you see how fragile the system is a new then can save yourself a why. Why does this happen more often, why? Why aren't why? Why isn't a stock price run up to three hundred dollars from three dollars? If it can be done, it will be done and the reason is. I guess that the opportunity cost is too high or one of the things we ve done during this does. My theory of everything, but one of the things we ve done to ourselves over the last year- is put ourselves in and profoundly isolated state, where our primary, Source of human interaction is on these platforms that reward the most base. Ellen of human nature and so we ve got a lot of people who are steeping themselves in some really unhealthy cycle,
the impulses, an hour acting on them in part, because that's their only environment an extremely board there. So terribly born yeah everything is born, Cisco break some stuff yeah, that's it really right, and that's one of the reasons why, as we express our dismay and concern about these sorts of habits and behaviors, that we should discuss expressway p m, because expressing pm is a way to do something about the rise of high tech and its ability to dominate life, look your eyes, p, your email service provider. You probably really didn't, have a choice on who was gonna be two errors there. They ve monopoly power and they take advantage of you
they logarithm activity. They sell that data to other big tech companies or advertisers, and God knows what else can happen with it. So to prevent I s peace from seeing my internet activity, I protect all my devices would expressly pm simple app for your computer, a smartphone that equips all your network data and tunnels, its roof, secure, vps server. So that your eyes, p cannot see any of your activity. This is so important because, as we're talking about right here, so much of the wives that you live in, that everybody else's living, are on the internet and every site you visit video, you watch message: you send gets tracked by eyes: peace, other texts
I am who then sell your information for profit. That's the reason I recommended recipe is the best way to hide your online activity from your eyes. You just download the app tap one button on your device and your protected and express we pm does all this without slowing your connection. That's whites raided the number one Vps service by Cnet Wired, stop handing over your personal data. I espies another tech giants among your activity until a few information protect yourself with the bp, and I trust to keep me private online visit. Expressway pm dot comes less commentary, that's Ex Peoria says VP and dot com. Slash commentary to get through excellence, free go to expressly began dotcom, Slash commentary right now to earn more eyes. John Kerry LE most recently secular state, but of course the guy who ended the store I ended up by destroying is very real opera opportunity through an unprecedented states as they now many of the democratic party. By saying
exposing things like I voted a for the voted for the eighty seven billion before I go to the against the door. I voted against. These have live for a voted for it, had another, a glorious and regulatory moment. Yesterday, I being introduced as the climate change Tsar at the White House in in in his first public appearance in that role, ah announcing that people who were concerned about losing their jobs in the end. Gee sector in the oil and oil exploration infraction whatever sector? What could they do? Well, you know they can make the solar panels now. You know let them eat cake you ve done this thing for thirty years in your father. Did it before you? You know what a screw I was a screwdriver raising can I just I gotta tell you, because it is the cellphone
deserves our Rina of the commentary, podcast him even being called his arm make raises the hackles I must get, but at the people who hey that kind of thing and more Specifically wealthy elites, like John Kerry, have obviously never done an honest day's work with their hands ever in their whole lives, and that the fact that they can't hear that, if you are actually had a job that requires physical labour. You listen to that and it requires skilled labour like these are skills that do not translate you don't just unplug. The Blu code the worker in one factor in plugged into another one: that's not how it works. It requires training, and even the people who have steady jobs in these industries are constantly retraining. Has the technology becomes more sophisticated Jesus. It's just it boggles my mind that this guy has tsar and is in his title when he is truly, the most basic elite is worldview. Well, actually, it's perfect, because this is exactly what the industrialization of czarist Russia was was like.
That approach to refer pressing peasant workers was disastrous, that very approach right. This follows transportation secretary, designate. Our maybe he's been voted, and yet I don't know PETE Dippy, but a judge saying last week. They can all get that new jobs. Now what we were very eager to see. These workers continue to be employed in good, paying union jobs, even if they might be different ones. Right now, look let let's here's the thing, which is, if you believe that we are in an existential crisis in relation to the climate, if you believe that these transformations
You just have to be made and quickly in order to save the planet. That does not mean that you cannot express sympathy, concern, empathy and an understanding that the changes that are going to have to be made speak What is all this are violations and disruptions in the lives of millions of people and the inability of Democrats to understand this is a fascinating, long term issue in terms of their tone deafness at dealing with the very voters who are going to deny them the permanent majority. They think they deserve the states back to Barack Obama, famously attempting to explain why wasn't two thousand aid? The people that we would then come to know is the Trump voters what their hesitancy was in embracing. You know the liberal technocratic elite that he recognized and, of course, he said
these people, you know they're, very backward and their claim to their guns and their religion, because the world is changing so much. He was saying that belief giving that he was expressing a sympathetic perspective on them. He didn't know that's, what he was doing was saying in a clam is a bigoted now psychotic. Who once did you know a shoot? People like the pipeline deliverance, He thought he was being nice le and let me I just interrupt to say: that's actually weird service that the systemic, racist and white supremacist argument now plays for the political left, which is they don't have to pretend they had to be sympathetic anymore. They can just say if you dont embraced the programme, it's because of systemic racism or white supremacy. They say that the agency, just given in a restaurant or one of her instagram lives dreams or she said that she's like they all support. Why supremacy? That's why they're not on board with all the things we want to do Otherwise. This is why the green new deal was the truest expression of a progressive, modern ethos. If you read, the green
deal urban supporting documents, invite mental issues are almost Turkey area where there and there it's part of it. But the green new deal includes stuff like free education and universal eyes, healthcare, health, insurance- and you know all these other associated things. A minimum income, for example, always associated things, because the idea here is to destroy the sector of a society is a sector of the economy that produces fossil fuels and all the associated sectors that benefit from use of fossil fuels. So you're gonna do place millions and millions of people they had. So what do you do, then? You have to retrain them in became re, educate them and whatever jobs increase from scratch, you have to provide some sort of a safety net for schools are not probably gonna get jobs immediately, so they need a minimum common. They need health insurance. It is the reader mission of all of society by fear, as you said, Christine we're talking about people who
train. Their whole lives for this. This is their choices, is their career and there being treated like interchangeable, cogs in a lot of people in social media are sending you know. This is not just. This is the new learn to code? It's as as as a frustrating, an end of rude, as that is its annex We need as early as learn to code for giant journalists, journalists who lost their jobs couple years ago. There was this trend, will really kind of Kalis trend or journalists who lose their jobs and conservative media critics with and the scene of learned a coat sort of an expression of their own distaste for that the whole polloi who don't work any information economy, but what that's expression was rooted in is the idea that you need to develop another marketable skill that you. Apply in the in the market economy. This is not that this is we're going to create a new economy from scratch. Independent to market signals, independent of demand and yours.
going to fit within that economy and you're gonna make some money is gonna, be in a you're gonna, be ok, you're not gonna, be fulfilled, but this is what you have to do but this is as soviet as it gets. Look. We have forty years of history in the idea of the inspected market or the incentive product. We have superfund cleaning, we have in the energy sector constant, so Linda. the fuel deal. You know the battery fuel cell all of these things that are basically brought into existence and paid for by large government interventions, subsidies, a tax breaks and actual you, no actual cash payments by say the state California and with the exception of Tesla, as far as we can tell, which is in part a stock market bubble. None of these
ever worked. They don't work, they don't employing people because, as now it says they there, they are their summoned from above its like building Brazil, yeah, you can build Brasilia, but no one is gonna, go live there just because you build, it doesn't mean that it has the network of rich Socialists, the Asians. That will mean that a million people are gonna like uproot themselves and go given this antiseptic new thing that the government decided to you now decided to visit like a spaceship, You know on a mountain top and- and that is the great liberal hubris in two thousand for Thomas Rank- wrote a famous book called what's the matter with and thus in which he said. I dont understand my home state like they keep voting for all these conservatives who, who don't wanna go, are who don't support, giving them things and provide
them with benefits and throwing money at them. This doesn't make sense what why what is the matter with Kansas with him with Kansas. Is the Kansas understands that those people hate them? That's why it's? They think they are weak and what they do is useless pointless and who they are, is meaningless and the things they believe are wrong and they are at best being treated with contempt and at worst they are openly hated, which is what I see is saying when she says anybody. Who disagrees with me? Is a white supremacist. It's like you know what I've two choices there either, and I am, I don't know
Do either. I say yeah, you know what I'm a white supremacist I hate or air all minority. You do have pushed me into this fine. I am now going to you want me to think this way. Let me take it as far as I can go and the other is to say I am going to do everything I can to make sure that summit like you- never gets more power than you have right now. There is also there's another part of that which I thought about when you are, describing that world, even though and predicted that what's the matter with Kansas Book, which I thought of it I'll, be there, it wasn't just a day. They don't like these p. and don't value the same thing. These people value. They also expect and assume that everyone will turn to an expert class to answer problems for which conservatives believe you dont need an expert to solve them, So you turn to your family and your church and your community and your network of social relations. Those rich
You know wonderful at ground level, things that we should all hope to nurture and trying to nurture the technocratic elite an end. This includes sort of extreme minnow free market, capitalist too. they want to commodified or they want to have the expert class come up with standards, Everyone should agree to and that that class has been going on for a very long time as we know, but the part of the reason I think the online culture help thrives now is that their spending a corrosive effect of living. In a society where the technocratic elite, who control the levers of power and the levers of culture are constantly telling you that what you wanted who, with your life, is wrong because the experts know better. Why wouldn't you turn to a bunch of fellow people? who feel confused and angry and, as no said, isolated and start talking about wasted too. To make change right, You don't want to accept what the technocratic Lee tells you. You have a sense, that's wrong. What's your alternative and Trump was,
an answer for many people. To that question lease temporarily, am I mean the await supremacy thing is just so profoundly craven at this point that you would expect that there would be a distant esben when on the part of Eu Institutions they collars from making these kind of claims like there now being applied by the school teachers unions who are trying to keep the schools closing any Like two examples. Yesterday, literally of teaching in saying in Washington in Chicago, I believe that the Swedes and function of white supremacy tonight, these Open, even though minority children are. We now know through studies the most harmed by the having these schools closed its it's just a it's. The shallow is form of emotional minute. Relation that everyone should be able to resist. At this point I mean look, I don't know how to fit the same precisely, but I really did want to mention it As you know, we know the San Francisco school District, has now announced that forty four schools are going to have to be,
renamed in order to deal with the issue of white supremacy and a one of those schools is named after Abraham, Lincoln, Are we now to allow the experts political class that runs the city of San Francisco to declare Abraham Lincoln the man who freed the slaves? as as as an on it as a person who about aid to you know that, greatest of all Americans is somebody who, because I don't know he's once said that you know of Liberia, was a good idea or something like that. He cannot have a school named after him. Aside from being, A hundred or two hundred million dollar gift to the republican parties, political hopes in twenty twenty two
easily? There was valuable thing that has now been done by Democrats to help Republicans in the next election cycle. Can you imagine how many ads are gonna be made about about the Abraham Lincoln School? Well, they re name the school, but they can't open reopen it like that's all the first. I think, the latter in their schools that he's Africa's telltale Lincoln's name off right right What're you gonna do but about what I want. But again I go to this thing, which is these people want to exist. Press in there when they are unguarded or or in friendly quarters, or think that they are being yet were or think them that they are in a position to say good things that will help them. They express condescension and contempt for the very people
Who was their policies are having a direct impact on, and this goes back to the day trading stuff that condescension and that fear of the general public produces in them a sense of persecution that does not entirely unjustified. That also, that's crazy, so we have to go. Now, better see sign, but in between assuming the levers of power, both of which are insane, but by the way that you can ask the other side's insanity? Let's talk about the two faces of the technocratic elite that Christine is talking about here in the pandemic and the response of the pandemic, because we have one that is like the miracle of the technocratic elite and the
that is the heart of the technocratic, rightly so. The miracle is, you say we need a vaccine faster than week. We ve ever had a vaccine before and by the middle of next month, there are going to be for different vaccines for different modalities, producing hundreds of millions of doses that are going to get us out of this pandemic by June or July from a standing start in you know in that is science as magic. That is, you know everything that we want from living in an advanced society that is done, this incredible good and then we have the other form of the technocratic elite, which is we don't know really even we don't know how many doses are out there. We don't know they CDC says that there is this, a New York states as theirs that nobody knows whether the syringes are the right syringes. They don't know people
don't know how to make sure that you know that the virus is distributed, the vaccine is distributed equitably and we are basically gonna lose six weeks to two months in this process, because despite having nine months to organise themselves the technocratic elite represented by the binding administration, didn't oh, it's ass from its elbow when it actually came to it to came to deploying administering and pay planting in providing this vaccine to three. thirty million Americans wealth and worse than that, there are a lot of these moments in certainly in the sort of critical race theory realm where they can talk a big game, but they never have to it. Never actually comes down to real world consequences like life and death, consequences it starting to in medicine and actually in public health out this with this part of the reason their panicking is, if they want to all the principles they ve been spouting all this time about equity and in particular, making sure that
certain races, get the vaccine ahead of others as such or such as they try to implement them. They run against the real world fact that their own coalition look, I live in DC is very liberal city, liberal white old people in D C. Being pushed back the line so that you know people with co, morbidity were younger in India. is that are largely minority in the city get the vaccine. First, that's wrong from a public health perspective, but its it allows their world view to continue to to stay on track with regard to their theories about raise a gang of technocratic elite failures breaking this morning, is news out of New York, state attorney General Latisha James is accusing Governor Cuomo and his administration of under counting debts in nursing homes to the to the possible rate of fifty percent. up to and including thousands and thousands of deaths. Now we ve been getting a little bit a push back, I think from some well meaning people in the commentary community. Second,
I get New York state really blew in the beginning, but they're doing a vaccination, alright, beginning shots into arms. Maybe they lost a few vials shore, but but the numbers in numbers are all right. Anybody who says a good word about Andrew Cuomo can go screw idea. That's kind of amazing Tis James is playing with fire there. You don't go to war, then Cuomo, so we really I should better have a good year because get especially small numbers on our side going to destroy her six ways from Sunday and nobody can can do it. We can do it better. It's interesting in and of itself, because clearly the that she's going after him, the bloom is off the rose it's now you know it's not like. There's been this massive shift against him, but something has changed. Unlike you know, for example like Thought you still hero, that's carried out That's ongoing. This is not done that that is not the situation,
although the enemy of the the enemy of armies no longer my friends playing out on the left is funny concise. Now seen a couple of a couple friend semi links going. While I didn't realize he made that much money. The couple of stories about how highly paid fouche IE is among you took the zeal of assistance. The kid itself was public servant. Who makes half a million dollars, I'm just put not out they like. Maybe he has worked These worked alongside get yeah we're gonna three percent there soon that workmen, eighty years old, like the idea that the media had built him up to be a kind of saint, like figure who ate probably acted as if he you signed his checks over the charity, but with its fine it's funny here and that much we got many doctors with his skills earn a lot more,
private sector, but I see that you are seeing that starting to break down for these liberal heroes now, which is interesting. You know I hope Anthony FAO Tree has good dental health. I just want to say that I have problems with them, but I hope he is good mental health and you know the new way to achieve better dental health. As I've been telling you this week is gum, it turns out chewing gum sugar freedom for twenty minutes after meals is an unsung heroes. When it comes to better oral health, not all gum has created equal and quip the good habits company that makes the great toothbrush that I've been talking to you about four,
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So we are told today that our house, minority leader, Kevin Mccarthy, has taken a trip down to palm Beach to see Donald Trump, and I guess this puts the sub brings full circle of the three weeks since the insurrection, storming of the capital, Kevin Mccarthy, is go. to abandon me to the man that he has now been revealed to him, and everybody else remains the leader of the Republican Party somebody said last night, which I was pretty interesting, camera Mccarthy faced with these stories about the queue and on a freshman congressmen from Florida, Marjorie, Taylor, Green, you know, abusing the pot,
fun kid David Hogg on the street liking Facebook post. That said that Nancy Pelosi should be shot in the head and stuff like that. He said he's going to have a conversation with her about it, but he spoke much more critically about Liz Cheney for the evidence in of voting to impeach Donald Trump, so he is apparently more concerned about Liz Cheney. He is about Marjorie Taylor, green contagious, have less Cheney, have a cage match in the Arctic. On with Marjorie tailoring is, I would put all my money unless changing in that fight honestly atmosphere. So do I, but who else is incredibly depressed by this. I mean I don't know I I I I do now. Understand the game that
I understand the idea that the republican base and little Humbugging Party has made it clear that it is siding with Donald Trump. Despite. Or because of our whatever what happened on January sex, I understand that. I also understand that Kevin Mccarthy is a politician who wants to remain in control of the house. Republican caucus- and I understand that may be his job is made easier by expressing Informal field he toward Donald Trump. What I don't understand is: where is his brain, whereas the swine, whereas his heart, worse assault, that's what I don't understand by cabin Carthage. Well, it does a bad. Is it's just as a strategy for leadership, it's bad right. He's gonna spend all of his look. The media attention is gonna remain on people like Marge Retailer Green on this. This Bateson Catherine, whose stupidly was like my focus, is not to legislate it to have a communication strategy me. There are a lot of outliers in his coalition who
He wants to keep them outliers. He needs to actually tempt down that fire. We do know. He was also he's also been talking to Republican saying: stop criticise each other publicly like to bring all this on the up and down arrow dirty laundry, but he's not being a very good leader strategically if he doesn't put these fires out now, where were you ve got a lot of nerve, he attacked where's Cheney who are concerned about her like Oda. Hell two faced hypocritical creep is a piece of poor leader Abrams, our don't walk in thinking about the larger GEO piece of war. I think this is a very concerned. Learning problem, which is that, if you're not on the Trump side of this, what is your positive agenda? What is what is it that you are trying to get people to coalesce run? We can didn't tell you all the things that they, that is, that the trump inside is is talking about once they employ
at once to see happen wants to actually do, whereas the other side is really about appalling back, and that is. That is a very hard tactical challenge to overcome. Well, I think it's why people dropping out and being railroaded inland and whatever. Now I look you're army and I repeat that Nathan Mortal Doc doctrine witches if, if republicans are just not crazy, we can already see it's been a week. We can already see that the Democrats are having our handling their opponents, the rope with which to hang them in twenty twenty two two or three instances of it this week, there are things that will maybe help them right, good administration of the vaccine, a huge economic growth spurt as a result of the ending of the pandemic. All of that could put them in very good shape. The cultural behaviour of the party,
is another story, and that is usually best done by a party. That Said self relatively anodyne responds that's the Joe Biden against Donald Trump. Like you don't go with. You know the the most left wing candidate to run against Trump, because you are you go with the one who is least offensive, and he just stand there and, let's trompe trumpet, then Trump kind of get. It loses the election for himself. The choice here with it with a republic.
is: are they going to remain crazy? The Democrats will be crazy and twenty twenty two and they're gonna be crazy and twenty twenty two, and will this be a huge, missed opportunity in a complicated election cycle? You're, probably I mean Republicans made us benefit and tropical e from democratic overreach short just a general sentiment that we saw in twenty twenty, which was a desire to check the administration created by the government. Now am I M a benefit them but aims point. This is the most profound here in the most frustrating, for me. Is that it's not that there isn't a positive agenda What, therefore, the problem is that there is it the populace streak on both parties is fuel. They sense of persecution to the positive agenda is revenge. It's just getting back at the people who have screwed you, and
and and presenting themselves as being the most victimized, the most incensed them. The most frustrated on your behalf, so the positive agenda isn't lifting all boats. It is meeting our pain once again back to the Robin. thanks. The chief agenda, the chief item on the agenda for for both political coalition sister, hurt other people. And there's nothing. Then I can support Well, crushing veracity winds again, so we will. We will be back to you tomorrow with another episode of crushing veracity. Have the candle lit smells like crushing veracity. I'm telling you regret and ethnic group Sober Noah, Christine enable jump on words, keep the good Campbell Burma.
Transcript generated on 2021-07-27.